How Insurance Companies Leverage ServiceNow Knowledge Management

The dynamic shift in customers' digital journey is demanding every industry to undergo digital transformation and the insurance industry is no exception. Some companies have decided to pour hard earned resources into meeting this challenge yet they will fail if they don't have a clear strategy that maps a customer-centric and experience-as-a-service approach. ServiceNow is a pioneer in delivering intelligent solutions that's transformed many industries. Here we discuss how ServiceNow knowledge management solutions solves the challenges of the Insurance industry.

Challenges Facing By The Insurance Industry

• Inability to map out a customer-centric business approach.
• Challenging to strategically organize vast amounts of data.
• Can't provide the right information at the right time to customers resulting diminished customer satisfaction.
• Reduced pace of knowledge transfer process resulting in decreased workforce efficiencies and increased training costs.
• Rapidly changing regulatory or billing policies are hard to adapt to with a static knowledge management system.
• Knowledge Management is hard to create, share, and manage if the knowledge and information is very complex.

How ServiceNow Knowledge Management Solves Insurance Industry Challenges

Organized Data Strategy

Data is key to business strategies, but it is estimated that insurance companies use only 0.5 percent of their data to extract useful information out of huge data chunks. This is due to a lack of structured mechanisms to store data in a more organized way.

The ServiceNow platform integrates with enterprise systems to measure data proximity and integrate all data sources to ensure data agility and receptiveness. This ability combined with voice assistants study the user’s interactions and develops a behavioral map of users and caters content that they need. Strategic management by optimizing workflows (internally and externally) to the organization, systems, and business processes.

Scales Up Sales and Customer Reps Efficiency

Not all customers remember the details of policies and navigating through policy documents to find answers is time-consuming and frustrating. More often, insurance companies receive customer requests for redundant policy questions. 

Also, insurance companies have high sales targets and investments in  the sales team can also be high. However, it can be difficult for marketing and sales to extract meaningful information out of a huge set of data on a timely basis. 

ServiceNow Knowledge Management helps easily categorize and align sales and marketing analytics including customer persona and market trends. This way ServiceNow boosts workforce efficiency, reduces operational costs, increases data access and improves the traceability of the service delivery process.

Improved Customer Issue Resolution and Experience

As with the workforce, customers can also benefit from having user portal to access knowledge articles in the knowledge base. Not all users are tech savvy and they might become frustrated with trying to traverse through knowledge base options. This is where a chatbot (voice or text) excels. Users can ask the chatbot questions and the chatbot will answer using information in the knowledge base.

As the ServiceNow knowledge management solution is AI powered, customer interactions are studied and based on this a behavioral map is developed and content is catered to the customer accordingly, generating personalized engagement and great conversational experiences.

Chatbots can also send push notifications to keep customers up to date on policy and claim-status updates.